{"id":611883,"date":"2023-12-13T00:00:00","date_gmt":"2023-12-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/13\/this-evening-b-investments-submits-mto-to-get-90-of-ofh\/"},"modified":"2023-12-13T00:00:00","modified_gmt":"2023-12-13T00:00:00","slug":"this-evening-b-investments-submits-mto-to-get-90-of-ofh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/13\/this-evening-b-investments-submits-mto-to-get-90-of-ofh\/","title":{"rendered":"THIS EVENING: B Investments submits MTO to get 90% of OFH"},"content":{"rendered":"

Good afternoon friends, and happy almost-Thursday.<\/strong> We have a reasonably paced news day on our hands after the ballots closed yesterday in our presidential elections last night, and before we start the inevitable slide into the end-of-year slowdown.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

B Investments submits MTO for OFH:<\/strong> B Investments has submitted a mandatory tender offer (MTO) to acquire up to 90% of Orascom Financial Holding (OFH), B Investments said in a disclosure to the bourse (pdf)<\/a> today. The acquisition would see the EGX-listed private equity firm acquire the stake in OFH via a share swap agreement.<\/p>\n

Background:<\/strong> OFH\u2019s majority shareholder OTMT Acquisition and minority shareholder Orascom TMT Investments have agreed to sell their combined 51.72% stake in the company. <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

COP28\u2019s tumultuous end took over headlines in the international press today. <\/strong>After the summit was extended by one day due to backlash<\/a> over the too-lax wording of a draft agreement that circulated on Monday, talks have finally come to a close. A new agreement was settled on that managed to keep both the nations pushing for curbing fossil fuel use, and top oil producers like Saudi Arabia, satisfied. <\/p>\n

Bye bye fossil fuels? <\/strong>The final agreement calls for a transition away from fossil fuels in an attempt to reach global net zero emissions by 2050. Although mended, several small island nations still aren\u2019t happy with the outcome, wanting more binding language in the text. (Bloomberg<\/a> | Financial Times<\/a> | Washington Post<\/a> | Reuters<\/a> | Wall Street Journal<\/a>)<\/p>\n

Want more details?<\/strong> Take a look at Enterprise Climate<\/a> \u2019s coverage.<\/p>\n

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